What will happen if Bitcoin reaches $1 million? - cyptoranking.com

2024-05-02

Popular crypto exchanges(2023 Update) 2024-05-02
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The Korean National Assembly’s Science and Technology Information and Communication Committee provided these disconcerting numbers. Despite a crypto market downturn of 63% from its peak, the frequency and intensity of attacks on crypto exchanges are on the rise. The development comes after Axie Infinity unveiled Project T, an early prototype of a brand-new game that Sky Mavis is creating. It will empower players to interact with their axies and others while also playing several mini-games as access to a unique experience. Axie Infinity has rolled out early access to Mystic Axie owners, land owners, and Origin Axie owners. What will happen if Bitcoin reaches $1 million?— Googly (👀,🫡) (@0xG00gly) October 6, 2023 ● Identifying Potential Investors

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XRP Price Hits a Wall as Transactions Decline to 2023 Low The Federal Reserve did not hike interest rates in its meeting on Sept. 20 but hinted that rates could remain higher for longer. At the post-meeting press conference, Fed Chair Jerome Powell cautioned that “the process of getting inflation sustainably down to 2% has a long way to go.”This possible scenario may have triggered the sell-off in the United States equities markets and also in the cryptocurrency space. Risk assets typically tend to underperform in a high-interest-rate environment. While the S&P 500 is down more than 2% and the Nasdaq about 3% this week, Bitcoin (BTC) has remained flat. Daily cryptocurrency market performance. Source: Coin360Altcoins have been unable to hold on to their intra-week gains due to a risk-off sentiment. Still, an encouraging sign is that Bitcoin and the major altcoins have largely managed to stay above their crucial support levels. The price action over the next few days is critical as it is likely to witness a tough battle between the bulls and the bears.Will bears seize the initiative and drag Bitcoin and the major altcoins lower, or could buyers regroup and push prices higher? Let’s study the charts of the top 10 cryptocurrencies to find out.Bitcoin price analysisBitcoin has been trading between the moving averages for the past few days. This tight-range trading indicates indecision between the bulls and the bears about the next directional move.BTC/USDT daily chart. Source: TradingViewBuyers are attempting to keep the BTC/USDT pair above the 20-day exponential moving average ($26,520). If the price rises from the current level, the bulls will again try to overcome the barrier at the 50-day simple moving average (SMA) ($27,050). If they are successful, the pair could surge to the next resistance at $28,143.In contrast, if the price plummets below the 20-day exponential moving average (EMA), it will suggest that the bears are back in command. That will increase the possibility of a retest of the pivotal support at $24,800.Ether price analysisEther (ETH) turned down from the 20-day EMA ($1,628) on Sept. 20, indicating that the bears continue to sell on rallies.ETH/USDT daily chart. Source: TradingViewThe bears will try to solidify their position further by pulling the price below the vital support at $1,530. If they manage to do that, the ETH/USDT pair could start a downward move toward the next major support at $1,368.Contrarily, if the price turns up from the current level or rebounds off $1,530, it will suggest that lower levels are attracting buyers. The first sign of strength will be a break and close above $1,670. That will clear the path for a potential rally to $1,745.BNB price analysisBNB (BNB) turned down from $220 on Sept. 18 and broke below the 20-day EMA ($214) on Sept. 20. This suggests that the price may consolidate between $203 and $220 for a while longer.BNB/USDT daily chart. Source: TradingViewIf the price sustains below the 20-day EMA, the bears will make one more attempt to tug the BNB/USDT pair below the crucial support at $203. If they succeed, it will indicate the resumption of the downtrend. The next support on the downside is at $183.On the upside, the bulls will have to clear the hurdle at the 50-day SMA ($222) to signal a comeback. The pair could first rally to $235 and subsequently attempt an up-move to $250. This level is expected to attract sellers.XRP price analysisXRP (XRP) rose above the 20-day EMA ($0.51) on Sept. 19, but the bulls are struggling to sustain the recovery. XRP/USDT daily chart. Source: TradingViewThe price has again dropped to the 20-day EMA, which is an important support to keep an eye on. If the price turns up from the current level, it will suggest a change in sentiment from selling on rallies to buying on dips. The bulls will then again attempt to kick the price above the overhead zone between the 50-day SMA ($0.53) and $0.56. On the contrary, if the 20-day EMA gives way, the pair could fall to the uptrend line. This is an important level for the bulls to defend because a break below it will invalidate the bullish pattern.Cardano price analysisThe price action of Cardano’s ADA (ADA) over the past few days has formed a descending triangle pattern, which will complete on a break and close below $0.24.ADA/USDT daily chart. Source: TradingViewThe gradually downsloping moving averages suggest an advantage to bears, but the bullish divergence on the relative strength index (RSI) indicates that the bearish momentum may be slowing down. Buyers will have to quickly shove the price above the downtrend line to prevent a breakdown. If they do that, the ADA/USDT pair will be well-positioned for a relief rally to $0.30.If the price continues lower and breaks below $0.24, it will complete the bearish setup and set the stage for a fall to $0.22 and eventually to the pattern target of $0.19.Dogecoin price analysisDogecoin (DOGE) turned down from the 20-day EMA ($0.06) on Sept. 21, indicating that the bears are aggressively defending the level.DOGE/USDT daily chart. Source: TradingViewHowever, the bears have not been able to strengthen their position by yanking the price below the formidable support at $0.06. This suggests that the bulls are buying on dips. The DOGE/USDT pair may swing between $0.06 and the 20-day EMA for some more time.If bulls kick the price above the 20-day EMA, it will indicate the start of a sustained recovery to the 50-day SMA ($0.07) and then to $0.08. On the downside, if the $0.06 level cracks, the pair risks a potential decline to $0.055.Solana price analysisSolana’s SOL (SOL) rose above the 20-day EMA ($19.57) on Sept. 18, but the bulls could not push the price to the 50-day SMA ($21.01). This suggests that the bears are active at higher levels.SOL/USDT daily chart. Source: TradingViewThe 20-day EMA is witnessing a tough battle between the bulls and the bears. If the sellers sustain the price below the 20-day EMA, the SOL/USDT pair could slump to $18.50 and thereafter to the next support at $17.33.Related: Bitcoin blasts past its 2021 all-time high in Argentina, but hyperinflation outpaces gainsOn the other hand, if the price sustains above the 20-day EMA, it will suggest that the bulls have flipped the level into support. That could increase the possibility of a retest of the overhead resistance zone between the 50-day SMA and $22.30.Toncoin price analysisToncoin’s (TON) failure to rise above $2.59 on Sept. 19 and 20 may have tempted short-term traders to book profits. TON/USDT daily chart. Source: TradingViewThe immediate support on the downside is at $2.25. If this level is violated, the TON/USDT pair could drop to the 20-day EMA ($2.08). If bulls want to retain the positive sentiment, they must defend this level. A strong rebound off the 20-day EMA could keep the pair stuck inside the large range between $2.07 and $2.59.Another possibility is that the price snaps back from $2.25. If that happens, it will suggest that traders are not waiting for a deeper correction to buy. That will increase the likelihood of a break above $2.59. The pair may then jump to $2.90. Polkadot price analysisThe bears are fiercely guarding the breakdown level of $4.22 in Polkadot’s DOT (DOT), indicating that every minor relief rally is being sold into.DOT/USDT daily chart. Source: TradingViewThe downsloping moving averages and the RSI in the negative territory indicate that the bears have the upper hand. If the price continues lower and skids below $3.90, it will suggest the start of the next leg of the downtrend toward $3.58.A minor advantage in favor of the bulls is that the RSI is showing early signs of forming a positive divergence. This suggests that the selling pressure could be reducing. A break and close above $4.22 will open the doors for a possible rally to the downtrend line.Polygon price analysisPolygon’s MATIC (MATIC) closed above the 20-day EMA ($0.54) on Sept. 19, but the bulls failed to build upon the momentum. This suggests that demand dries up at higher levels.MATIC/USDT daily chart. Source: TradingViewThe bears pulled the price back below the 20-day EMA on Sept. 21. The sellers will try to sink the pair below the strong support at $0.49. If they manage to do that, the MATIC/USDT pair could resume its downtrend. The next support on the downside is $0.45.Alternatively, if the price rebounds of the $0.50 support with strength, it will suggest that lower levels are attracting buyers. The bulls will have to propel and sustain the price above $0.55 to signal the start of a stronger recovery.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. What is the largest derivatives exchange in Europe?BABYDOGE introduced an AI Image Generator and proposed a significant token burn. Some BABYDOGE holders faced impacts from the CoinEx hack. A fully customizable ETL query stack is included in the open-source Subsquid SDK, which is useful for indexing events, transactions, and traces. The SDK allows developers to create unique data pipelines and application programming interfaces (APIs) that access the ecosystem’s data. Additionally, external API calls are accessible, enabling developers to aggregate data from Flare APIs using the Subsquid SDK.

New technologies are usually received with skepticism. It’s easy to dismiss a new technology when you compare its very first iteration with the established versions of previous technologies. In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.Gold ETFs could shed light on the SEC's thinking about proposals for spot bitcoin funds LSE Group lobbies for U.S support in Brexit clearing battleNHN Corporation, a South Korean entertainment conglomerate with total assets of more than US$2.4 billion, announced on Friday a partnership with US-based Mysten Labs, developers of the Sui blockchain, to launch an on-chain game planned for 2024, despite South Korea's ban on all games related to blockchain. In a press release on Friday, Mysten Labs said the Sui blockchain is well suited to support games, given its low fees, fast transactions and high scalability. Resistance Levels: $1500 and $1600.

The project’s native cryptocurrencies, axie infinity (AXS) and smooth love potion (SLP), have declined 97.13% to 99.65% from their record highs. In the last month, AXS decreased 1.3%, but it rose 4% in the past week. Meanwhile, SLP fell 2.2% over 30 days compared with the U.S. dollar. SLP ranks 351 among more than 10,000 cryptocurrencies, while AXS holds the 61st position on September 16, 2023. General Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.A Beginner’s Guide to Crypto Trading How to Trade Crypto in 2023: A Beginner's GuideMeanwhile, Bitcoin’s hashrate, in terms of the seven-day SMA, hit a record peak on October 8, 2023. The hashrate soared to 440 EH/s, even with the difficulty scaling a record 57.32 trillion. Routed transactions are transactions that involve more than two nodes, which means that the aforementioned numbers could be much higher, as pointed out by Sam Wouters, research analyst for River and author of today’s report, who said the figures “come as a shock.” So much so, that he had to run the numbers “many times,” validating the calculations with external parties.

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